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The Gift of Smarter Fundraising

First Republic Bank
December 4, 2020

Watch how iWave, a top-rated donor research platform that provides intel on individual, corporate and foundation donors’ capacity and inclination to give to your cause, can help take your nonprofit’s fundraising to the next level.

First Republic Offer

To support your fundraising efforts, iWave is offering a complimentary one-month iWave Professional license1 for First Republic’s nonprofit community2. Take advantage of this offer today by signing up at go.iwave.com/frb-iwave-promotion.

What’s more, First Republic clients who do not have an active iWave account will receive 25%3 off iWave’s annual subscription for the first year. First Republic clients currently using iWave are eligible for 5%3 off iWave’s annual subscription for one year. Questions?

Please contact nonprofit@firstrepublic.com.

Read below for a full transcript of the conversation.

Julie Harkins - Hi, thank you so much for joining us today. My name is Julie Harkins and I'm a Executive Managing director at First Republic Bank. I have the pleasure of working personally and professionally with a number of nonprofits from around the country. At First Republic, we strive to provide our nonprofit partners with tools and resources to make you super successful. Sharing best practices is at the core of what we do. And we have the privilege of serving over 4,000 nonprofits across the country. From human services, to schools, to museums and beyond. We understand that fundraising is super critical right now, particularly during COVID world. And we're excited to host iWave, a great donor intelligence tool that will help transform your fundraising efforts. If you have questions throughout the course of the presentation, please, please, please feel free to reach out. We want you to learn and be as successful as you can. Now I'm happy to turn it over to the fabulous Dawn from iWave, who will provide more insight about how iWave can help your organization take their fundraising to the very highest level. Thanks Dawn, take it away.

Dawn Galasso - Thanks Julie, appreciate it, and thank you all for joining, we're super excited about the relationship that we have with First Republic. And really what I'd like to do today is share a little bit about how iWave can transform your fundraising. And so, you know, just a quick agenda, I want to let everybody know that this webinar is being recorded. And so, if you are interested in sharing the recording with any of your colleagues, First Republic will be able to provide that, recording for you. Really, what we're going to do is talk a little bit about iWave and the differences between iWave and some of the other data analytics companies that are out there. Something that we feel is a huge differentiator for us is something that we call "The three keys," so we'll dive a little bit into that. What's new with iWave and then we're just going to show you, iWave in action, really a day in the life of you guys... If you decide to use iWave there are some really interesting features and offers that we have. So, you know, just to give you a little bit of a brief background on iWave, we've actually been around for almost 30 years, we've always collected and distributed data. And what we found was that we really loved partnering with our nonprofit clients. And so, we decided to exclusively become a platform for nonprofits. And basically what we do is we gather and aggregate data, and then we use that aggregated data to score individuals in your database or prospects to help you identify the right individuals for cultivation, whether it's major gift cultivation, plan giving cultivation or any of the other fundraising strategies that you have. 2020 has been a really big year for us. And we launched an all new platform in the Cloud, and we've been able to add some really cool features that our fundraisers are loving.

And it, being in the cloud has enabled us to be much development and really provide new features that our clients are requesting as quickly as possible. Some of the new features we've actually launched within about the last 45 days is one thing that's called "The real estate equalizer." If you are raising money in an area that's an expensive area to live, or if you're a national organization raising money across the country, you know that if you've used any type of data analytics product in the past, that real estate can actually be misleading, because if you live in San Francisco or in New York city and you come and you see somebody in your database that owns a million dollar property, most likely, unless there's other data points on that person, that person might not look like a major gift prospect for you. But because a million dollars across the country is an expensive piece of real estate. They typically will look like they have a higher capacity than they do. We actually have a formula in place that equalizes that, so that when somebody lives in a more expensive area, we're not just making capacity adjustments that make them look like they're more wealthy than they are. We have something else called "Multiline scoring", which allows you to look at your prospects and your donors and your database through multiple different lenses. So, if you're raising money for multiple things, I'll give you an example. Sometimes healthcare organizations also have clinics in the area where they serve the under... The under-insured or the uninsured. That's social services aspect part of what they're doing. We actually can look at those individuals through different lenses and score them differently for you. And then the last thing that I think is something critical, especially during these COVID times, when a lot of us are working from home, many of our clients were very concerned about the security of the platforms that they were using when their users were logging in from home and not from a more secure environment, like an office.

And so we added multifactor authentication if that's something that you're interested in, an added layer of security while we work from home these days. So, you know, one of the things that we at iWave really strive is this, to provide you the components for successful fundraising. And really, we believe that that falls into three different categories; identifying the right individuals, how do we cultivate those relationships? And using technology that provides efficiency and productivity so that you can much faster convert donors into major gift donors or prospects into donors. The way we do this is by gathering a bunch of data from all over and different types of data. We're very transparent on the different data that we gather, it’s very critical that we have up-to-date data, we're known for being... Probably having the best, highest quality of data. And then it's what we do with that data. When we look at data, we actually look at data through something we call, three different keys. The first key is a propensity related data. So, we're looking at things like, “Has someone given to other non-profits?” “Are they giving charitably?” "Do they sit on boards?” “Did they have a family foundation?" These are all, some of the data points that we're looking at, that we know, when they are together in specific combinations means somebody is most likely more philanthropic than the normal individual. Then we look at capacity related scores down at the bottom. Those are your wealth related scores. So, they can be anything from, “How many pieces of real estate does somebody own?” “What are the mortgages on those properties?” “Do we find sales when it comes to a business that they own?” “Do they have insider stock trades available to them?” “Are they giving politically, or are they giving charitably?”

These are all capacity related scores that we identify to help us determine the wealth of that individual. And then that middle key, that's what we call, the affinity key. This is something that's a big differentiator from between us and a lot of the other data members that are out there. We actually look at, "Is somebody supporting like causes?" Either through their philanthropy, “Are they giving to like causes? If you're a hospital, “Are they giving to health-related causes?” If you're a university, “Are they giving to education related causes? “And we also looking to see, “Did they sit on boards and then do they... Or do they have family foundations that are affiliated with these types of organizations?” The reason why this is so important is just because somebody is rich, and just because they're philanthropic doesn't mean that they support your type of an organization. And so it's very critical for us and for you, especially right now, to be identifying more of the right people, not just because they're wealthy, or because they have a propensity to give, but also who are those individuals who are going to convert at a much faster level? And so, by applying all three of these, what we... It allows us to do, is really focus you on the right people, in the right buckets, from a standpoint of cultivation. When we see they have capacity, affinity, and propensity, those are going to be your quickest converters. And you can start a very fast nurturing campaign with them. If we see we're missing one of these, we're not going to tell you ignore those individuals, because they're still philanthropic potentially, and they still have wealth, but they might require a longer nurturing process. And so, we want to make sure that we're identifying those fast converters, those that need more nurturing, and those that maybe you just want to ignore for right now, so that your focus is exactly in the right place. So, having said that, we're just going to jump into our new platform and I apologize, there's no unclunky way to do this, I'm just going to jump in, this is our new platform, we launched it at the beginning of this year, right around the time that we all went on lockdown with Coronavirus, but it has allowed our team to really do some great development into the platform.

If you've never used data analytics before, most likely up until this time, you've probably been doing Google search. So, somebody gives you the name of somebody, you might search them through Google, see if you can find out some information about them. I actually Google searched somebody earlier today, and so I know that that's, you know, something that's a fallback for everybody, you might be using Zillow. It's a free resource that you can look up their real estate and see what the value of their real estate is right now. It can be very time-consuming to do.... And you don't get all of the datasets that iWave provides to you. And so, when you have a subscription to iWave, we allow you to do one-off research. So think of this as kind of Google search, on steroids. And basically, all you have to do is type in a name, and we will pull up the profiles that match that name. If you have the address on an individual, we'll actually pull curated profile on that individual, which means the data is already pre-determined to be that person, because it's matching to that address on the individual. Now, you can do a million of these, if you have, you know, a hundred records in your database, if you have a hundred thousand records in your database, you could literally look up every individual and look at a profile on every individual within your database. But we would suggest that that's probably not the highest and best use of your time, because, for every 10 people you look up, typically only about one, maybe two of them are really great prospects for you when it comes to, from a major gift prospect or a plan giving prospect. And it's a waste of time because you've looked eight other people up, which, you know, it can take, you know, a couple of minutes to, you know, 10, 15 minutes, depending on how much data is in the profile to really get a good understanding of that individual. And so, you know, what most of our clients do, and all of our... most of our packages include, is the ability for you to easily screen a larger group of names at once. And again, the difference being, you screen however many number of records you want to screen, let's say you screened, you know, 500 records or 10,000 records, you upload the file, we screen all of those records for you, and then we deliver you back, all of those names.

And I'm going to show you an example of that right here. And so, this was a file of about 400 and some names, I can't remember, a little over 400 names, and this is the difference between you doing one-off research, and screening your file directly through iWave. The first thing, that anybody does, when they screen a file with us, and I don't know why, it's just that we were all trained, and I think we're excited about looking at who's the biggest capacity individual in my database, basically, who's the richest person, right? And so, I can filter on who are those wealthy individuals. So now basically what I've done is I've asked iWave to give me back the individuals, the scores, on these individuals from highest capacity level to lowest capacity level. And I am doing this for a very specific reason. If you've done data screenings in the past, or done any type of data analytics in the past, because they only look at wealth and philanthropy, when they're doing identification of individuals, they score everybody who's rich and has, philanthropic tendencies at the highest level. We, on the other hand include that affinity piece that I was talking to you about before. I've screened this file with a healthcare affinity. When I talk about affinity, basically what that means is, is that, every gift in our very gift database, which is our proprietary database of giving information, every single annual report that we upload, we tie it to an affinity code, healthcare, education, social services, arts and culture. We have many different affinities that we're trying to these. Now, every time somebody gives a gift, and we identify in that annual report, we've now identified that they're supporting a cause, like the one you're looking at, if it's a health care cause. The reason why this is important is because historically, if you had screened this file with any other data vendor, you would see that Robert Murphy's very wealthy, he's very philanthropic, he's a great prospect, he scores my highest score, a four.

But then I look at the second person down, this is the second wealthiest person in the database, but they actually don't score our highest score. Why is that? If I look at the profile and I can really already start to see it here, I'm not seeing any affinity to health-related causes. If I look at the profile, I can see very quickly, that if I look at the iWave score, basically what they're telling me is this person sits on some boards, which are philanthropic tendencies. This person owns a bunch of real estate, which are capacity related information, but we don't see that this person's giving to health care at all. If I wanted to look at the records of the individual, I can scroll down and start to see all of the different data sets that iWave is providing, broken out, RelSci we have, we actually embed relsci in ours. RelSci is like a relationship tool that helps build relationships through board affiliations, and business affiliations. I'm down in Bradstreet, this person is an, CEO of Elite Lighting. If I scroll over to the right-hand side, every data point that we supply back to you, you can see that as I hovered over that, a box pops up, that says, "These are the reasons why this is scoring, at such a high confidence level." The first name match, and the last name match. It's an uncommon name. So that again, pushes that confidence level up higher. The location to the person's location, is a short zip is the same, the same estate match. And then the company is actually within a 60-mile radius of the address that was supplied to us. That allows you a confidence level that this data that's coming back is definitely on our individual. As you can see, as I scroll down, this person owns a bunch of real estate. That's the reason why they're so wealthy. And they also sit on a, on a foundation. But if I look at what this foundation is, this foundation is actually, I believe it's a Jewish day school, through eighth grade.

And so they sit on the board of that. So, if I had screened this through a religious lens, versus the healthcare lens, this person would have actually scored higher, but because we score them through the healthcare lens, they scored lower. So, let's look at somebody who actually does score at the highest score, for us. So, we'll just jump in and look at one additional profile, and again, this is an abbreviated demonstration. If you're interested in learning more, please make sure you reach out to iWave and we'll be able to provide you some more information about iWave and how it might be able to help you. I'm just going to jump into Scott Rudolph. Scott Rudolph is... We estimate him as a, him and his wife as a four. If I look at that iWave score on him, I want to know why. And you can see again, we like transparency. So right here, we, the philanthropic data points that we find on this individual, are that they've given at least $1000 gift, philanthropic tendency, they've given over 10 different gifts, philanthropic tendency, and they sit on the board of two or more foundations, again, a philanthropic tendency. That's the reason why their propensity is as high as it is. We also, from an affinity standpoint, identify not only had they written checks over $1000 to health-related causes, but we also identify that one of the individuals has relevant titles to organizations with health-related...With a health-related cause. And then as I scroll down, I can see that I've got the capacity I'm using donations that we found to drive the capacity, real estate this is where that real estate equalizer is taking into consideration. We're looking at, "Is this a property, a larger than normal?" In the area or not, and making adjustments to the capacity. We also look at the mortgage. If the mortgage is less than 50% of the appraised, the property appraiser's value of the home, we actually make a capacity adjustment for that because we know that when somebody can put a greater amount of cash down on a property, the reality is that person most likely has a higher capacity.

One thing I will point out to you is because we look at many different data points in capacity, these people actually live quite below their means when it comes to the real estate that we've identified for them, and then the donations. And so, we do a really good job, in making capacity adjustments by looking at many, many data points. You may have used other data vendors in the past that only looked at real estate or really heavily relied on real estate for that predictor, we are looking at many different things to predict what that capacity level is so that we don't miss when we see, "Oh, this person is very, very philanthropic, but they live below their means," because many philanthropic people actually do not live in super expensive homes. So, if I wanted to look at the records again, I can just scroll down. And right now you're seeing what I just showed you, that iWave score, sits on the board. He's a trustee, of like four or five different hospitals. So right there I'm, "Aha this person's in healthcare," is interested in healthcare because of the board highlights that I'm seeing on this individual. As I scroll down, I'm starting to notice the donations on these individuals, obviously healthcare, these people, as I mentioned, are very philanthropic. They've given over $5 million, on multiple different times. And we identify also, if you scroll down a little bit that his middle initial is actually "A" and so when we see this information, we know that this, this is this individual. And then we also see that he sits on the found…some additions, some foundations that are similar from a healthcare perspective as well. All of our data sets, are completely searchable. So as an example, if I wanted to go in, to let's just go into the SIU age systems, and maybe this was a family foundation that I wanted to learn more about that family foundation, all of this is now searchable, this particular, foundation doesn't give any grants, but if it did, you would see grants and I could see, "Hey, who are these they supporting?"

I can see the other people that they're related to, maybe I know somebody that is, also sits on that board. It's just creating different relationships for you to build a relationship with that donor perspectively. So, we don't have a lot more time and I want to make sure that we leave time enough for questions, but I want to show you one other thing that's the value of the screening. One of the things that we also do, is we give you insights. We actually do analytics on the file, when you screen records with us. And the one that our clients love the most, is something that we like to call, "Hidden gems." Hidden gems, are people that you submit to us, that have a very low RFM score to you guys, which means they're not giving to you very much, they're not giving to you frequently. However, the data that we found externally, suggests that they need to be hidden gems to you that they actually are, giving like organizations at a much higher level so I'll just jump on Marjorie Stern real quick, just to show you what I mean by that. And in the file that was submitted, the internal giving showed that Marjorie had given four checks for $25. But when I look at the data now that iWave has identified them as a hidden gem, and I start to scroll through the data, I'm starting to see that he sits on... That Mr. Stern sits on the Michael... The Michael Stern Parkinson's Research Foundation, again, we're looking for health-related things. So maybe if I'm a hospital, I might have something that I'm doing with stem cell research or something along the lines of Parkinson's research. This is a quick way for us to identify as converting individuals for you. And so many of my clients right now, are saying that they're a major gift officer, they're directors of development, need much larger portfolios, and how can we identify more of the right people quickly? And iWave was going to do that for you when it comes to this analytic.

1 iWave trial eligible to all certified 501(c)(3) nonprofits who do not have an active iWave account. Trial offer must start no later than 3/31/2021.

2 First Republic’s nonprofit community includes all nonprofits (clients and non-clients) located within the First Republic footprint. For a list of locations, please visit firstrepublic.com/locations.

3 iWave discounts eligible to First Republic clients who are certified 501(c)(3) nonprofits. Discounts apply for one year. Discounted subscription must start no later than 3/31/2021.

First Republic has established a program with iWave to bring their product(s) and/or expertise to First Republic’s nonprofit community. The guest speaker(s) is not an employee of First Republic. Opinions expressed by the guest speaker(s) are solely their own and do not necessarily reflect those of First Republic. No payment is being provided from or to either party. This information is governed by our Terms and Conditions of Use. By claiming these offers, you are granting Nonprofit Toolkit partners permission to verify your eligibility and report usage with First Republic Bank.

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